Freeport-McMoRan (NYSE:FCX) Price Target Lowered to $45.00 at UBS Group

Freeport-McMoRan (NYSE:FCX) had its price target decreased by stock analysts at UBS Group from $52.00 to $45.00 in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the natural resource company’s stock. UBS Group’s price target suggests a potential upside of 35.09% from the stock’s previous close.

FCX has been the subject of a number of other reports. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. Scotiabank dropped their price objective on shares of Freeport-McMoRan from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday, April 7th. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday, March 6th. Finally, Raymond James raised their price objective on Freeport-McMoRan from $49.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, April 4th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.39.

Freeport-McMoRan Stock Down 0.2 %

FCX opened at $33.31 on Tuesday. The company has a market capitalization of $47.87 billion, a PE ratio of 25.82, a price-to-earnings-growth ratio of 0.87 and a beta of 1.71. The firm has a 50-day simple moving average of $36.86 and a two-hundred day simple moving average of $40.75. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 52 week low of $27.66 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Analysts forecast that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. raised its stake in shares of Freeport-McMoRan by 33.0% during the third quarter. Westside Investment Management Inc. now owns 7,867 shares of the natural resource company’s stock valued at $373,000 after acquiring an additional 1,950 shares in the last quarter. Pine Valley Investments Ltd Liability Co increased its holdings in Freeport-McMoRan by 5.0% during the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 10,306 shares of the natural resource company’s stock worth $514,000 after purchasing an additional 490 shares during the period. World Investment Advisors LLC bought a new stake in Freeport-McMoRan during the 3rd quarter valued at $246,000. Wilmington Savings Fund Society FSB bought a new position in shares of Freeport-McMoRan during the 3rd quarter worth $754,000. Finally, Tidal Investments LLC increased its stake in shares of Freeport-McMoRan by 6.2% during the third quarter. Tidal Investments LLC now owns 155,081 shares of the natural resource company’s stock valued at $7,742,000 after buying an additional 8,995 shares during the period. Institutional investors own 80.77% of the company’s stock.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.